The Analyst

KeyBanc Capital Markets analyst Brent Bracelin offered his take on the conference.

The Thesis

The 2017 narrative clarified that AWS is focusing new innovation on three main areas: databases, machine learning and automation, Bracelin said in a Wednesday note. (See Bracelin's track record here.)

After attending the keynote by AWS CEO Andy Jassy, the analyst said he came away impressed by the several product announcements that appealed to AWS' developer roots. The audience was excited about EKS, Fargate, Aurora, Serverless, SageMaker and Rekognition Video, Bracelin said.

Bracelin shared some highlights from the presentation:

AWS's 44.1-percent market share in IaaS/PaaS, more than the share of the next nine competitors combined

Strong performance in serverless computing

The Aurora database's strong growth

New customer wins, with NFL, Expedia Inc (NASDAQ: EXPE) and Goldman Sachs Group Inc (NYSE: GS) among the additions

New AWS database and storage products

New AWS management tools

New AI and ML tools

"While our conversations with customers suggest enterprises continue to shift to a multicloud strategy, the pace of AWS innovations, coupled with the breadth of cloud functionality, should continue to sustain high growth for an $18 billion cloud platform that is disrupting a trillion-dollar legacy IT stack," Bracelin said.

The Price Action

At the time of writing, Amazon shares were advancing 1.08 percent to $1,173.77. The shares are up about 55 percent year-to-date.